Word: gals
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Dates: during 1970-1979
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First Hop. American motorists felt the first pinch at the pump last week when gasoline prices rose between 1? and 4? per gal. By winter's end the price is expected to bound up to 50? per gal. v. about 40? now. Home heating fuel could climb as high as 40? per gal., almost double its current level, and jet fuel, kerosene, propane and other petroleum products will rise proportionately. Officials of the Cost of Living Council estimate that increases in the price of oil imports alone will inject about $5 billion of pure inflation into the economy, substantially...
...taxes are based) by a stunning 70%, to $5.11 per bbl. It will keep Arab oil revenues rising-helping to pay for the war against Israel-even as fewer barrels are shipped out. It will also force Americans, Europeans and Japanese to pay as much as 5? per gal. more for gasoline, heating oil and other products...
None of that is really reassuring, though; the Arabs essentially have the West over a 42-gal. oil barrel. World oil use will more than double during the 1970s. Slaking that intense thirst requires continual swift increases in output, and there is only one place they can come from. The desert sands of the Arab nations hold at least 300 billion bbl. of easily recoverable oil, or 60% of the proven reserves in the non-Communist world. Merely by increasing production more slowly than the West desires-let alone reducing it-the Arabs could cause considerable discomfort...
...spotty shortages of gasoline, aggravated by continuing protest shutdowns by gas-station owners. The dealers, who are being charged more for wholesale gasoline by major oil companies, demand that the Cost of Living Council permit them to post bigger increases at the pump than the 1?-to 2.5?-per-gal. boosts they have been allowed...
...week's end the retailers had achieved their goal: the COLC approved a new price-ceiling formula that would permit station owners to boost prices by 10 to per gal., depending on how much they were selling gas for on May 15 and how much their wholesale costs had gone up since then...